迪臣发展国际(00262) - 2025 - 年度业绩

Financial Highlights Overall Financial Performance For the year ended March 31, 2025, the Group's revenue grew 5.8% to HKD 135 million, with gross profit up 34.1% to HKD 57.52 million, while net loss remained stable at HKD 75.89 million due to reduced other income and fair value losses Consolidated Income Statement Key Metrics (HKD Thousands) | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 135,468 | 128,074 | +5.8% | | Gross Profit | 57,517 | 42,902 | +34.1% | | Other Income and Gains | 24,200 | 92,864 | -74.0% | | Loss Before Tax | (76,014) | (61,641) | +23.3% | | Loss for the Year | (75,889) | (76,774) | -1.2% | | Loss Attributable to Owners of the Company | (73,724) | (75,691) | -2.6% | - Basic and diluted loss per share narrowed from 5.16 HK cents to 5.03 HK cents compared to the prior year[4] - Total comprehensive loss for the year significantly decreased to HKD 99.76 million from HKD 126 million in the prior year, primarily due to a narrower loss from exchange differences[5] Financial Position As of March 31, 2025, the Group's total assets decreased by 12.0% to HKD 1.742 billion, total liabilities fell by 21.5% to HKD 500 million, and net assets declined by 7.4% to HKD 1.242 billion, while the current ratio improved to 2.28 Consolidated Statement of Financial Position Key Metrics (HKD Thousands) | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 1,036,760 | 1,125,138 | -7.9% | | Total Current Assets | 705,328 | 853,646 | -17.4% | | Total Assets | 1,742,088 | 1,978,784 | -12.0% | | Total Current Liabilities | 308,766 | 475,128 | -35.0% | | Total Non-Current Liabilities | 191,412 | 162,066 | +18.1% | | Total Liabilities | 500,178 | 637,194 | -21.5% | | Net Assets | 1,241,910 | 1,341,590 | -7.4% | - The Group's net current assets increased from HKD 379 million to HKD 397 million, and the current ratio (current assets/current liabilities) improved from 1.80 to 2.28[6] Notes to the Consolidated Financial Statements Note 3: Operating Segments The Group operates in property development and investment, trading, and hotel operations, with property being the largest revenue source but loss-making, while trading revenue significantly grew to profitability, and hotel revenue increased but remained at a loss, with mainland China contributing most revenue and non-current assets 2025 Segment Performance (HKD Thousands) | Business Segment | Revenue from External Customers | Segment Results | Segment Assets | | :--- | :--- | :--- | :--- | | Property Development and Investment | 76,108 | (27,193) | 1,441,365 | | Trading Business | 40,262 | 2,347 | 23,959 | | Other (Hotel Operations) | 19,098 | (6,257) | 166,563 | | Total | 135,468 | (31,103) | 1,631,887 | - Compared to the prior year, the property development and investment segment loss significantly narrowed from HKD 53.17 million to HKD 27.19 million, while the trading business turned from a loss of HKD 2.78 million to a profit of HKD 2.35 million[22][24] Revenue and Non-Current Assets by Geographical Region (HKD Thousands) | Region | Revenue from External Customers (2025) | Non-Current Assets (2025) | | :--- | :--- | :--- | | Hong Kong | 37,745 | 103,642 | | Mainland China | 97,723 | 899,541 | Note 4: Revenue, Other Income and Gains Total revenue for the year was HKD 135 million, with HKD 115 million from customer contracts; property development revenue declined, but trading and hotel operations saw significant growth, while other income and gains sharply decreased by 74% to HKD 24.20 million due to the absence of prior year's substantial dividend income Revenue Source Analysis (HKD Thousands) | Revenue Source | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Property Development and Investment | 55,290 | 68,114 | -18.8% | | Trading Business | 40,262 | 28,715 | +40.2% | | Hotel Operations | 19,098 | 13,075 | +46.1% | | Investment Property Rental | 20,818 | 18,170 | +14.6% | | Total Revenue | 135,468 | 128,074 | +5.8% | - Other income and gains significantly decreased from HKD 92.86 million last year to HKD 24.20 million this year, primarily because the prior year included HKD 74.87 million in dividend income from equity investments, which was zero this year[38] Note 6: Taxation The Group recorded an income tax credit of HKD 0.125 million this year, a shift from last year's HKD 15.13 million tax expense, primarily due to changes in deferred tax, reversal of prior year over-provisions, and a significant reduction in current tax expenses in mainland China Tax Expense Components (HKD Thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax - Mainland China | 2,589 | 35,437 | | Land Appreciation Tax | (470) | 1,475 | | Deferred Tax | (2,522) | (18,750) | | Total Tax (Credit)/Expense | (125) | 15,133 | - The Group did not need to make provision for Hong Kong profits tax for the fiscal years 2025 and 2024 due to no assessable profits or sufficient tax losses carried forward in Hong Kong[39] Note 7 & 8: Dividends and Loss Per Share The company declared no dividends in fiscal years 2025 and 2024, with basic and diluted loss per share attributable to ordinary shareholders narrowing slightly to 5.03 HK cents in 2025 from 5.16 HK cents in the prior year - The company did not declare any dividends for the years ended March 31, 2025, and 2024[42] Loss Per Share Calculation | Item | 2025 | 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners (HKD Thousands) | 73,724 | 75,691 | | Weighted Average Number of Ordinary Shares in Issue (Shares) | 1,466,820,600 | 1,466,820,600 | | Basic Loss Per Share (HK Cents) | (5.03) | (5.16) | Management Discussion & Analysis Business Review The Group's total revenue grew 6% to HKD 135 million, driven by strong trading and hotel business growth, while property development and investment revenue declined, its segment operating loss narrowed due to reduced fair value losses, and net loss attributable to owners slightly narrowed to HKD 73.72 million - The Group's total revenue was approximately HKD 135 million, an increase of approximately 6% from the prior year[65] - Net loss attributable to owners decreased, primarily due to (i) reduced fair value losses on investment properties and (ii) reduced fair value losses on equity investments, though these positive factors were partially offset by (i) decreased dividend income and (ii) reduced gains from disposal of subsidiaries and investment properties[81][83] - Excluding non-recurring items, the core business net loss narrowed from HKD 60.26 million last year to HKD 42.05 million this year[81] Property Development and Investment Business Revenue for this segment decreased by 12% to HKD 76.11 million due to a weak mainland China property market and unrecognised sale-and-leaseback revenue, yet segment operating loss significantly narrowed from HKD 53.17 million to HKD 27.19 million due to reduced fair value losses on investment properties and higher sales gross margins - Segment revenue was approximately HKD 76.11 million, a year-on-year decrease of approximately 12%, with property sales revenue falling 19% to HKD 55.29 million and investment property rental income rising 15% to HKD 20.82 million[66][68][70] - Segment operating loss narrowed from HKD 53.17 million to HKD 27.19 million, primarily due to reduced fair value losses on investment properties and higher gross margins on properties sold during the period[71] Trading Business The trading business performed strongly, with revenue significantly increasing by 40% to HKD 40.26 million and achieving a turnaround to an operating profit of HKD 2.35 million, primarily driven by medical equipment, health, and epidemic prevention product sales, notably a large order from the Hong Kong Hospital Authority - Segment revenue was approximately HKD 40.26 million, a significant year-on-year increase of approximately 40%[72] - Sales revenue from medical equipment, health, and epidemic prevention products significantly increased by 51% to HKD 37.47 million, primarily benefiting from a major contract for the sale and installation of hydrotherapy pools to the Hong Kong Hospital Authority[73] - This segment achieved a turnaround to profitability, recording an operating profit of approximately HKD 2.35 million (compared to a loss of HKD 2.78 million in the prior year)[75] Other Business (Hotel Operations) Hotel business revenue significantly increased by 46% to HKD 19.10 million, primarily due to the addition of a new Orange Hotel with an 86% occupancy rate, driving overall growth; despite increased revenue, the segment still recorded an operating loss of HKD 6.26 million due to property revaluation losses, though the loss narrowed from the prior year - Segment revenue was approximately HKD 19.10 million, a significant year-on-year increase of 46%, primarily due to the Group operating two hotels during the reporting period (compared to one last year)[76] Hotel Operations Performance | Hotel Name | Opening Date | Average Occupancy Rate (2025) | Average Room Rate (2025, RMB) | | :--- | :--- | :--- | :--- | | Holiday Inn Express | January 2020 | 44% | 221 | | Orange Hotel | October 2024 | 86% | 315 | - Segment operating loss narrowed from HKD 10.12 million to HKD 6.26 million[80] Financial Review This year, the Group's revenue grew 6%, and gross margin significantly improved from 33% to 42%, primarily due to higher-margin residential apartment sales and increased rental income proportion, while other income and gains sharply decreased by 74% due to a high base of dividend income in the prior year - The increase in revenue was primarily due to significant sales contracts in the trading segment and the operation of the new Orange Hotel[84] - Gross margin increased from 33% to 42%, mainly due to (i) higher gross margins on residential apartments sold during the period and (ii) the proportion of high-margin rental income increasing from 21% to 27% of total revenue[85] - Other income and gains significantly decreased by 74%, primarily because the prior year included HKD 74.87 million in dividend income, which was absent this period[86] Liquidity, Financial Resources and Gearing Ratio The Group maintained a healthy liquidity position, with working capital primarily from internal resources and borrowings; at period-end, the current ratio improved from 1.80 to 2.28, and the net gearing ratio decreased from 24% to 17%, indicating reduced financial leverage Liquidity and Gearing Ratios | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 2.28 | 1.80 | | Net Gearing Ratio | 17% | 24% | - The Group's total assets of approximately HKD 1.742 billion were funded by total liabilities of HKD 500 million, shareholders' equity of HKD 1.255 billion, and non-controlling interests (loss of HKD 13.57 million)[89] Outlook Looking ahead, the Group plans to develop its three business segments: property will benefit from mainland China's supportive policies despite economic uncertainties, continuing sales and leasing of Kaifeng projects; trading will expand medical equipment distribution and promote AI video analytics; and hotel operations will leverage Kaifeng's tourism potential to enhance service quality amidst challenges - Property Development and Investment: Despite global economic uncertainties, China's government property support policies and domestic demand are expected to stabilize the market, and the Group will continue to sell and lease remaining properties at Kaifeng Century Mansion and Kaifeng Expo Plaza[96][97][98][102] - Trading Business: Demand for medical equipment is expected to continue growing, with the Group planning to expand distribution channels and product lines, while also continuously promoting the application of A.I. video analysis technology through its associate companies in smart cities, financial institutions, and large airports[105][107][109] - Hotel Operations: Despite challenges of labor shortages and rising costs, Kaifeng City's cultural tourism potential offers stable prospects for the hotel business, and the Group will implement strict cost controls and innovative operations to maintain competitive advantages[111] Corporate Governance & Other Information Human Resources As of March 31, 2025, the Group employed 159 staff, with total employee benefit expenses of approximately HKD 37.40 million, a slight increase primarily due to new hotel operations, and implements discretionary bonuses and share option schemes to incentivize employees Human Resources Overview | Metric | March 31, 2025 | | :--- | :--- | | Total Employees | 159 | | - China | 116 | | - Hong Kong | 43 | | Total Employee Benefit Expenses (Annual) | Approx. HKD 37.40 million | Corporate Governance The Board believes the company largely complied with the Corporate Governance Code during the reporting period, with the only deviation being Mr. Tse Man Shing holding both Chairman and Managing Director roles, an arrangement the Board deems effective for strategy execution and balanced by the Board's structure - The company deviated from Corporate Governance Code provision C.2.1, which states that the roles of Chairman and Chief Executive should be separate, as Mr. Tse Man Shing concurrently holds both positions[130] - The Board believes the current arrangement facilitates effective implementation and execution of the Group's business strategies and ensures consistency in leadership[130] - The company has adopted a standard code for directors' securities transactions, and all directors have confirmed compliance[131] Audit Committee The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing and monitoring the Group's internal controls, risk management, and financial reporting, and has reviewed this year's results - The Audit Committee comprises three independent non-executive directors: Dr. Ho Chung Tai, Mr. Siu Kam Chau, and Mr. Song Xiao Zhuang, with Mr. Siu Kam Chau serving as Chairman[134] - The financial figures in this preliminary results announcement have been reconciled with the draft consolidated financial statements by the company's auditor, BDO Limited[133]